I requested replacement for a large amount of lost jewelry. My insurance company wants to make a cash settlement based on the 2017 appraisal value. They are not willing to reproduce the items. I would not be able to purchase the same/similar item today due to the 100% increase in the price of gold since 2017. Do I have any recourse?
Debbie Holihan asked 5 months ago 1 Answers
Dear Debbie,
We recommend you have a public adjuster or policyholder attorney go over the policy language with you to confirm whether the item is covered for replacement value, or actual cash value (“ACV”, the price a willing buyer would have paid you immediately before the loss) or whether there’s a cap on coverage for jewelry. It sounds like the insurer is offering ACV. The policy language will govern unless it’s ambiguous.
Here is a publication that can be helpful for your situation: 10 tips for settling a contents (personal property) claim
Best of luck!
Amy Bach
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